Huge Group CEO James Herbst and chief operating officer Andy Openshaw are in line for a share options windfall, if the proposal is approved by shareholders.
The telecommunications company said on Friday that it has agreed to give Herbst and Openshaw share options worth almost R40-million each, subject to shareholder approval. Chief financial officer Samantha Sequeira will receive R4-million worth of options under the plan.
The executive option agreements were concluded on 29 August.
The options will vest in three equal annual tranches commencing on 1 March 2020. But first they must be approved through the support of at least 75% of shareholders at a general meeting.
Approval to undertake each director’s dealing under the plan was granted by the lead independent non-executive director, Steve Tredoux.
Herbst and Openshaw will receive 7.5 million share options each at an option strike price of R5.31, worth R39.8-million each, in three annual equal tranches from March 2020. The expiry date for the options is February 2025, February 2026 and February 2027. Sequeira will receive 750 000 options with a market value of just under R4-million.
Openshaw joined Huge Group earlier this year from Reunert. He spent 10 years at ECN, a company he joined as chief sales and commercial officer. ECN was sold to Reunert in 2011, after which he was appointed as ECN CEO. In October 2016, he was appointed as CEO of the Reunert communication cluster. — © 2019 NewsCentral Media
